FIXD vs. TLT
FIXD (First Trust Smith Opportunistic Fixed Income ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - FIXD is a Intermediate Core-Plus Bond fund actively managed by First Trust, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. FIXD is actively managed, while TLT is passively managed. Over the past 5 years, FIXD returned -0.25%/yr vs -5.98%/yr for TLT. Their correlation of 0.84 suggests significant overlap in exposure. FIXD charges 0.65%/yr vs 0.15%/yr for TLT.
Performance
FIXD vs. TLT - Performance Comparison
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Returns By Period
In the year-to-date period, FIXD achieves a 0.37% return, which is significantly higher than TLT's 0.13% return.
FIXD
- 1D
- 0.07%
- 1M
- 0.38%
- YTD
- 0.37%
- 6M
- 0.27%
- 1Y
- 5.81%
- 3Y*
- 3.94%
- 5Y*
- -0.25%
- 10Y*
- —
TLT
- 1D
- 0.21%
- 1M
- 0.44%
- YTD
- 0.13%
- 6M
- -1.35%
- 1Y
- 5.16%
- 3Y*
- -1.67%
- 5Y*
- -5.98%
- 10Y*
- -1.62%
FIXD vs. TLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FIXD First Trust Smith Opportunistic Fixed Income ETF | 0.37% | 7.95% | 0.75% | 5.72% | -15.00% | -1.07% | 8.99% | 10.56% | -0.00% | 3.50% |
TLT iShares 20+ Year Treasury Bond ETF | 0.13% | 4.25% | -8.05% | 2.77% | -31.23% | -4.60% | 18.15% | 14.12% | -1.61% | 9.10% |
Correlation
The correlation between FIXD and TLT is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.92 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.91 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.89 |
Correlation (All Time) Calculated using the full available price history since Feb 16, 2017 | 0.84 |
The correlation between FIXD and TLT has been stable across timeframes, ranging from 0.84 to 0.92 - a consistent structural relationship.
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Return for Risk
FIXD vs. TLT — Risk / Return Rank
FIXD
TLT
FIXD vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Smith Opportunistic Fixed Income ETF (FIXD) and iShares 20+ Year Treasury Bond ETF (TLT). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| FIXD | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 1.39 | 0.53 | +0.86 |
Sortino ratioReturn per unit of downside risk | 2.04 | 0.83 | +1.21 |
Omega ratioGain probability vs. loss probability | 1.24 | 1.09 | +0.15 |
Calmar ratioReturn relative to maximum drawdown | 1.70 | 0.55 | +1.15 |
Martin ratioReturn relative to average drawdown | 5.15 | 1.38 | +3.77 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FIXD | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.39 | 0.53 | +0.86 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | -0.38 | +0.34 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.11 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.36 | 0.26 | +0.10 |
Drawdowns
FIXD vs. TLT - Drawdown Comparison
The maximum FIXD drawdown since its inception was -20.44%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FIXD and TLT.
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Drawdown Indicators
| FIXD | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.44% | -48.35% | +27.91% |
Max Drawdown (1Y)Largest decline over 1 year | -3.21% | -7.58% | +4.37% |
Max Drawdown (3Y)Largest decline over 3 years | -6.97% | -19.18% | +12.21% |
Max Drawdown (5Y)Largest decline over 5 years | -20.44% | -43.70% | +23.26% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -3.35% | -40.20% | +36.85% |
Average DrawdownAverage peak-to-trough decline | -5.50% | -13.81% | +8.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.06% | 3.02% | -1.96% |
Volatility
FIXD vs. TLT - Volatility Comparison
The current volatility for First Trust Smith Opportunistic Fixed Income ETF (FIXD) is 1.65%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.84%. This indicates that FIXD experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIXD | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 2.84% | -1.19% |
Volatility (6M)Calculated over the trailing 6-month period | 3.15% | 6.60% | -3.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.21% | 9.81% | -5.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 6.58% | 15.87% | -9.29% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.84% | 14.91% | -9.07% |
FIXD vs. TLT - Expense Ratio Comparison
FIXD has a 0.65% expense ratio, which is higher than TLT's 0.15% expense ratio.
Dividends
FIXD vs. TLT - Dividend Comparison
FIXD's dividend yield for the trailing twelve months is around 4.68%, more than TLT's 4.57% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIXD First Trust Smith Opportunistic Fixed Income ETF | 4.68% | 4.50% | 4.56% | 3.93% | 3.07% | 1.74% | 3.14% | 5.10% | 2.81% | 1.95% | 0.00% | 0.00% |
TLT iShares 20+ Year Treasury Bond ETF | 4.57% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Frequently Asked Questions
With a correlation of 0.92, FIXD and TLT move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
TLT has higher volatility (2.84%) compared to FIXD (1.65%). In terms of maximum drawdown, FIXD dropped -20.44% vs TLT's -48.35%.
On 5-year performance, FIXD leads with -0.25% vs -5.98% for TLT. On fees, TLT is cheaper at 0.15% per year. On volatility, FIXD has been the lower-risk option at 1.65%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, FIXD has performed better with a -0.25% return vs -5.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLT is cheaper with a 0.15% expense ratio, compared with 0.65% for FIXD.
FIXD has the higher dividend yield at 4.68%, compared with 4.57% for TLT.
FIXD is categorized as Intermediate Core-Plus Bond, while TLT is Government Bonds. They also come from different issuers: First Trust and iShares. Their fees differ too: 0.65% for FIXD and 0.15% for TLT.
FIXD currently has the higher Sharpe Ratio (1.39 vs 0.53), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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